Press release
Edible Oils Market : Understanding the Key Product Segments and their Future
In terms of value, the global edible oil market is expected to expand at a CAGR of 5.1% during the forecast period (2016–2024). The global edible oil market is expected to be valued at US$ 130.3 Bn by 2024 end. On the basis of type, palm oil segment is projected to witness rapid growth during the forecast period. By end-user, retail segment is expected to witness significant growth over the forecast period, owing to increasing consumer demand for edible oils from major retail channels in various countries worldwide.In 2015, palm oil segment accounted for over 43% value share of the edible oils market in APAC and is expected to expand at a CAGR of 6.3% during the forecast period. Soybean oil segment revenue is expected to decrease from 9.8% in 2015 to 9.6% in 2024 in the Europe edible oils market. This is attributed to the introduction of new healthy edible oils such as palm olien, olive oil, and canola oil in the market.
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Olive oils prices are comparatively higher than other edible oils in North America and APAC. Soybean oil prices are expected to fall in Latin America, due to surplus availability of raw material.
Global palm oil consumption is expected to increase by around 2% between 2015 and 2024. In 2014, APAC accounted for over 45% share of the total palm oil consumption in the global edible oils market. Palm oil and soybean segments collectively accounted for over 60% volume share of global edible oils market.
Demand for specialty blended oils is increasing substantially in Latin America and MEA, whereas demand for olive oil is increasing in Europe and Asia Pacific.
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The retail segment is expected to drive sales of edible oils in both developed and developing countries. This is attributed to a well-established chain of retail outlets and strong supply chain of edible oil products. This segment is expected to expand at a CAGR of 5.3% during the forecast period. Foodservice segment is expected to register a CAGR of 5.1% over the forecast period, owing to easy availability and low price of palm oil.
Consumer preferences for palm oil in Asia Pacific and some countries of Latin America is expected to drive the growth of palm oil segment during the forecast period. Palm oil is projected to expand at a CAGR of 6.2% in terms of value, over the forecast period, highest among all other oil types.
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